UPDATE: Wedbush Lowers Synchronoss Technologies' PT

According to a research report published this morning, Wedbush has lowered Synchronoss Technologies' SNCR PT from $42 to $40. In the report, Wedbush said, "While AT&T is now expected to grow at a slower pace, we are encouraged by the expansion of the Verizon and Vodafone relationships. With good secular growth trends and ramping customer relationships, Synchronoss remains a solid growth story and would take advantage of weakness with shares trading <18x our 2013E adjusted EPS and 25%+ LT EPS growth." Wedbush maintains its Outperform rating on Synchronoss, which closed yesterday at $22.83.